|
| |
|
(b) | the right to subscribe for, or acquire, such securities and any |
| |
other rights in connection with such securities, |
| |
| |
“share rights”, in relation to any shares, means— |
| |
(a) | rights to subscribe for or acquire the shares, and |
| 5 |
(b) | any other rights in connection with the shares, |
| |
“subsidiary” has the meaning given by section 1159 of the Companies Act |
| |
| |
“wholly owned by the Crown”, in relation to a company, means the |
| |
| 10 |
(2) | In this Part references to a person providing a universal postal service have the |
| |
same meaning as in Part 3 (see section 63(2) and (3)). |
| |
(3) | In this Part references to a company’s post offices (or network of post offices) |
| |
are to those post offices (whether or not owned or operated by the company) |
| |
that the company is engaged in providing. |
| 15 |
(4) | For the purposes of this Part (other than Schedule 2) a company is to be |
| |
regarded as being in the same “group” as another company if, for the purposes |
| |
of section 1161(5) of the Companies Act 2006, the company is a group |
| |
undertaking in relation to that other company. |
| |
| 20 |
| |
| |
| |
| |
“the RMPP” means the Royal Mail Pension Plan, |
| 25 |
“qualifying member of the RMPP” means a person who is or has been a |
| |
member of the RMPP of a prescribed description, |
| |
“the qualifying time” means the time immediately before such date as |
| |
may be prescribed (which may be before the passing of this Act), |
| |
“qualifying accrued rights” means— |
| 30 |
(a) | any right which, at the qualifying time, has accrued to or in |
| |
respect of a qualifying member of the RMPP to future benefits |
| |
| |
(b) | any entitlement under the RMPP to the present payment of a |
| |
pension or other benefit which a qualifying member of the |
| 35 |
RMPP has at the qualifying time, or |
| |
(c) | any entitlement to benefits, or rights to future benefits, under |
| |
the RMPP which a person who has survived a qualifying |
| |
member of the RMPP has at the qualifying time in respect of the |
| |
| 40 |
(2) | For the purposes of the definition of “qualifying accrued rights”— |
| |
(a) | references to pensions or other benefits (including future benefits) do |
| |
not include money purchase benefits but, subject to that, do include |
| |
benefits attributable to additional voluntary contributions, and |
| |
|
| |
|
| |
|
(b) | references to a right include a pension credit right. |
| |
(3) | In the event that qualifying members of the RMPP include any person (“P”) |
| |
who is in pensionable service under the RMPP after the qualifying time— |
| |
(a) | the qualifying accrued rights in respect of P, and |
| |
(b) | the amounts payable in respect of those rights, |
| 5 |
| are to be determined for the purposes of this Part on the assumption that P had |
| |
opted, immediately before the qualifying time, to terminate that service. |
| |
| |
16 | Transfer of qualifying accrued rights to new public scheme |
| |
(1) | The Secretary of State may by order establish a scheme (a “new public scheme”) which, |
| 10 |
in respect of pensionable service under the RMPP before the qualifying time, provides |
| |
for pensions or other benefits to be payable to or in respect of persons who are or have |
| |
been qualifying members of the RMPP. |
| |
(2) | The Secretary of State may by order make provision for the transfer of |
| |
qualifying accrued rights to a new public scheme (without the need for any |
| 15 |
approval or consent to the transfer). |
| |
(3) | An order under subsection (2) may include provision for the discharge of |
| |
liabilities in respect of the qualifying accrued rights that are transferred. |
| |
(4) | A new public scheme may— |
| |
(a) | include provision for increasing in particular circumstances the |
| 20 |
amounts payable in respect of qualifying accrued rights, |
| |
(b) | include provision in relation to any persons who are active members of |
| |
the RMPP which (despite the effect of section 15(3)) differs from the |
| |
provision made in relation to persons who are deferred members of the |
| |
| 25 |
(c) | include provision for the payment of transfer values, and |
| |
(d) | include provision for the transfer of money purchase benefits under the |
| |
RMPP into the scheme (whether or not the contributions to which those |
| |
benefits are attributable are made before or after the qualifying time) |
| |
and the conversion of those benefits into benefits under the scheme. |
| 30 |
(5) | An order under this section may include provision for treating a new public |
| |
scheme as an occupational pension scheme for the purposes of any provision |
| |
made by or under any enactment specified, or of a description specified, in the |
| |
| |
(6) | An order under this section may include provision for— |
| 35 |
(a) | treating a new public scheme as a salary-related contracted out scheme |
| |
for the purposes of Part 3 of the Pension Schemes Act 1993, and |
| |
(b) | applying any provision of that Part with modifications. |
| |
(7) | Provision made by an order under this section may have retrospective effect. |
| |
(8) | The Secretary of State may— |
| 40 |
(a) | provide for a new public scheme to be administered by any person, and |
| |
(b) | delegate to any person any functions exercisable by the Secretary of |
| |
State under a new public scheme. |
| |
|
| |
|
| |
|
17 | Division of the RMPP into different sections |
| |
(1) | The Secretary of State may by order make provision for— |
| |
(a) | the division of the RMPP into different sections, |
| |
(b) | the participation of different companies in the different sections, and |
| |
(c) | the allocation of assets, rights, liabilities or obligations between the |
| 5 |
| |
(2) | Provision made by an order under this section may have retrospective effect. |
| |
18 | Amendments of the RMPP |
| |
(1) | The Secretary of State may by order make such amendments of the RMPP as |
| |
the Secretary of State considers appropriate in connection with any order made |
| 10 |
| |
(2) | The provision that may be made by an order under this section includes |
| |
provision authorising or requiring the amount of pensions or other benefits |
| |
payable to or in respect of qualifying members of the RMPP to be determined |
| |
in particular circumstances by reference to pensionable service under the |
| 15 |
RMPP before and after the qualifying time. |
| |
(3) | Provision made by an order under this section may have retrospective effect. |
| |
19 | Protection against adverse treatment |
| |
(1) | Subsection (2) applies to the exercise by the Secretary of State of— |
| |
(a) | the power to make an order under section 16 in a case where the order |
| 20 |
contains provision establishing a new public scheme or transferring |
| |
qualifying accrued rights to a new public scheme, and |
| |
(b) | the power to make an order under section 17 or 18. |
| |
(2) | In exercising the power the Secretary of State must ensure that the relevant |
| |
pensions provision in respect of each person who is or has been a member of |
| 25 |
the RMPP is, in all material respects, at least as good immediately after the |
| |
exercise of the power as it is immediately before the exercise of the power. |
| |
(3) | “The relevant pensions provision” means the provision for the payment of |
| |
pensions or other benefits which is contained in the RMPP or in a new public |
| |
| 30 |
(4) | Subsections (1) to (3) do not require provision to be included in a new public |
| |
scheme if the Secretary of State is of the opinion that the provision would be |
| |
incompatible with any enactment or EU obligation (including any enactment |
| |
applying as a result of any provision made under this Part). |
| |
(5) | Nothing in subsections (1) to (3) is to be read as— |
| 35 |
(a) | requiring particular provisions of the RMPP or a new public scheme to |
| |
take the same or similar form, |
| |
(b) | requiring a new public scheme to be established in a particular way, |
| |
(c) | requiring any power or duty conferred or imposed by the RMPP or a |
| |
new public scheme to be exercised or performed in a particular way, or |
| 40 |
(d) | affecting any power of any person to amend the RMPP or a new public |
| |
| |
|
| |
|
| |
|
(6) | The power of the Secretary of State to amend a new public scheme may not be |
| |
exercised in any manner which would or might adversely affect any provision |
| |
of the scheme made in respect of qualifying accrued rights unless— |
| |
(a) | the consent requirements are satisfied in respect of the exercise of the |
| |
| 5 |
(b) | the scheme is amended in the prescribed manner. |
| |
(7) | The consent requirements are those prescribed for the purpose of obtaining the |
| |
consent of members of the scheme to its amendment. |
| |
20 | Transfer of assets of the RMPP |
| |
(1) | The Secretary of State may by order make provision for the transfer of assets of |
| 10 |
| |
(a) | the Secretary of State, |
| |
(b) | a nominee of the Treasury, or |
| |
(c) | a fund established by the Secretary of State for the purpose of holding |
| |
the assets pending their disposal. |
| 15 |
(2) | An order under this section may be made only if an order under section 16 is |
| |
being, or has been, made. |
| |
(3) | An order under this section may include provision for— |
| |
(a) | the delegation to any person of the administration and management of |
| |
any fund within subsection (1)(c), and |
| 20 |
(b) | the making of payments into the Consolidated Fund. |
| |
(4) | This section needs to be read with section 21 (which contains restrictions on the |
| |
exercise of the power to make a transfer under this section). |
| |
21 | Restriction on power to transfer assets |
| |
(1) | The power of the Secretary of State to make an order under section 20 (a |
| 25 |
“transfer order”) must be exercised so as to secure that the ratio of assets to |
| |
liabilities of the RMPP immediately after the relevant time is at least equal to |
| |
the ratio of the assets to liabilities of the RMPP immediately before that time. |
| |
(2) | “The relevant time” is the time at which the order under section 16 in |
| |
consequence of which the transfer order is made has effect. |
| 30 |
(3) | For the purposes of this section any reference to the assets or liabilities of the |
| |
RMPP is to their amount or value determined, calculated and verified by a |
| |
prescribed person and in the prescribed manner. |
| |
(4) | In calculating the value of any liabilities for those purposes, a provision of the |
| |
RMPP that limits the amount of its liabilities by reference to the amount of its |
| 35 |
assets is to be disregarded. |
| |
| |
| |
(1) | The Treasury may by regulations make provision for varying the way in which any |
| |
relevant tax would, apart from the regulations, have effect in relation to— |
| 40 |
| |
|
| |
|
| |
|
(b) | members of a new public scheme, or |
| |
(c) | a fund within section 20(1)(c). |
| |
(2) | Regulations under subsection (1) may include provision for treating a new |
| |
public scheme as a registered pension scheme. |
| |
(3) | The Treasury may by regulations make provision for varying the way in which any |
| 5 |
relevant tax would, apart from the regulations, have effect in relation to, or in |
| |
connection with, anything done in relation to— |
| |
| |
(b) | any members of the RMPP, |
| |
| by or under, or in consequence of, an order made under this Part. |
| 10 |
(4) | Regulations under subsection (1) or (3) may include provision for any of the |
| |
| |
(a) | a tax provision not to apply or to apply with modifications, |
| |
(b) | anything done to have or not to have a specified consequence for the |
| |
purposes of a tax provision, and |
| 15 |
(c) | the withdrawal of relief and the charging of a relevant tax. |
| |
(5) | Provision made by regulations under subsection (1) or (3), other than provision |
| |
withdrawing a relief or charging a relevant tax, may have retrospective effect. |
| |
(6) | The Treasury may by regulations make provision, in relation to qualifying accounting |
| |
periods, for extinguishing such losses made in a trade as they consider are attributable |
| 20 |
to deductions made for, or in connection with, contributions in respect of qualifying |
| |
| |
(7) | A “qualifying” accounting period is one beginning on or after the date (“the |
| |
trigger date”) on which an order under section 16 is made establishing a new |
| |
public scheme or transferring qualifying accrued rights to a new public |
| 25 |
| |
(8) | Regulations under subsection (6) have effect only if the company whose losses |
| |
are extinguished is wholly owned by the Crown (within the meaning of Part 1) |
| |
on the day before the trigger date. |
| |
| 30 |
| |
| |
| |
| |
| 35 |
(e) | stamp duty and stamp duty reserve tax, and |
| |
| |
“registered pension scheme” has the same meaning as in Part 4 of the |
| |
| |
“tax provision” means any provision made by or under an enactment |
| 40 |
relating to a relevant tax. |
| |
| |
The Secretary of State may by order make provision for requiring any |
| |
prescribed person to disclose any information (whether in the form of a |
| |
document or otherwise) to the Secretary of State for any purpose of this Part. |
| 45 |
|
| |
|